motive, the law precludes a man from borrowing, upon terms which he deems too disadvantageous, it does not preclude him from felling, upon any terms, how foever difadvantageous. Every body knows that forced fales are attended with a lofs and, to this lofs, what would be deemed a most extravagant intereft bears in general no proportion. When a man's moveables are taken in execution, they are, I believe, pretty well fold, if, after all expences paid, the produce amounts to two thirds of what it would coft to replace them. In this way the providence and loving-kindness of the law cofts him 33 per cent. and no more, fuppofing, what is feldom the cafe, that no more of the effects are taken than what is barely neceffary to make up the money due. If, in her negligence and weak nefs, The were to fuffer him to offer 11 per

cent.

cent. per annum for forbearance, it would be three years before he paid what he is charged with, in the first inftance, by her wisdom.

Such being the kindness done by the law to the owner of moveables, let us fee how it fares with him who has an intereft in immoveables. Before the late war, 30 years purchase for land might be reckoned, I think it is pretty well agreed, a medium price. During the diftrefs produced by the war, lands, which it was neceffary fhould be fold, were fold at 20, 18, nay, I believe, in fome inftances, even fo low as 15 years purchase. If I do not mifrecollect, I remember inftances of lands put up to public auction, for which nobody bid fo high as fifteen. In many inftances, villas, which had been bought before the war, or at the beginning of it, and, in the interval, E

had

had been improved rather than impaired, fold for lefs than half, or even the quarter, of what they had been bought for. I dare not here for my part pretend to be exact: but on this paffage, were it worth their notice, Mr. Skinner, or Mr. Chriftie, could furnish very inftructive notes. Twenty years purchase, inftead of thirty, I may be allowed to take, at leaft for illuftration. An eftate then of 100l. a year, clear of taxes, was devifed to a man, charged, fuppofe, with 1500l. with intereft till the money fhould be paid. Five per cent. intereft, the utmost which could be accepted from the owner, did not answer the incumbrancer's purpose: he chofe to have the money. But 6 per cent. perhaps, would have answered his purpose, if not, moft certainly it would have anfwered the purpofe of fomebody else:

far

for multitudes there all along were, whofe purposes were anfwered by five per cent. The war lafted, I think, feven years the depreciation of the value of land did not take place immediately but as, on the other hand, neither did it immediately recover its former price upon the peace, if indeed it has even yet recovered it, we may put feven years for the time, during which it would be more advantageous to pay this extraordinary rate of intereft than fell the land, and during which, accordingly, this extraordinary rate of intereft would have had to run. One per cent. for feven years, is not quite of equal worth to feven per cent. the first year: fay, however, that it is. The eftate, which before the war was worth thirty years purchafe, that is 3000l. and which the devifor had given to the devifee for E 2

that

that value, being put up to fale, fetched but 20 years purchase, 2000 1. At the end of that period it would have fetched its original value, 3000 1. Compare, then, the fituation of the devifee at the 7 years end, under the law, with what it would have been, without the law. In the former cafe, the land felling for 20 years purchase, i. e. 2000l. what he would have, after paying the 1500 l. is 500 l.; which, with the intereft of that fum, at 5 per cent. for seven years, viz. 175 l. makes, at the end of that feven years, 675 1. In the other cafe, paying 6 per cent. on the 1500 1. that is gol. a year, and receiving all that time the rent of the land, viz. 100l. he would have had, at the feven years end, the amount of the remaining ten pound during that period, that is 70 l. in addition to his 1000 1.-675 1. fubftracted from 1070ł. leaves